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Self funded vs prop firm… truth behind it

  • #121
  • Jan 6, 2024 4:53am Jan 6, 2024 4:53am
Quoting heispark
{quote} For example, I subscribed to $150K funded account of Topstep challenge last month (and failed the challenge). The term '$150K funded account' is somewhat misleading. It doesn't mean they put $150K into your account. Instead, it means they provide $150K worth of buying power to use for margin. However, because their initial max loss limit is only $4K and max daily loss limit is $3K, you cannot use full leverage unless your DD is very small and your win rate is very high. That's a catch. Even after you pass the test, they only risk initial...
Yes the answer is in the question
If you dont have a 4to 10k EXTRA Money, than probabile prop firms Is what you need
90% of traders use TA, indicators and prediction
  • #122
  • Jan 6, 2024 5:18am Jan 6, 2024 5:18am
Quoting heispark
If you don't have a winning edge in trading, you gonna fail anyway.

This is the other important point that all the people leaving in dreamworld totally miss.

Without a robust strategy, reliably proven to be profitable, everything else makes no difference.

We all know that the reality is that prop firms make almost all their money from the fees of people failing. Enormous numbers of them.

To pay a prop firm to take an evaluation without having passed it two or three times on your own, on a sim account, under their rules, is just plain crazy - but it's what tens of thousands of people are doing, all the time. If everyone started being sensible about that, most of the prop firm industry would probably go under.
  • #123
  • Jan 6, 2024 7:02am Jan 6, 2024 7:02am
Quoting _BBKing_
{quote} Yes the answer is in the question If you dont have a 4to 10k EXTRA Money, than probabile prop firms Is what you need
If you have a winning edge in trading, $4K is not that big money to prepare. On the other hand, if you don't have a winning edge, you will be spending thousands of $ to pay monthly & reset fees before you finally quit.
The only value of funded accounts that I can think of is the audited trading performance. If you have good performance, you can post screenshots of your account to forexfactory to brag how good you are....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #124
  • Jan 6, 2024 7:11am Jan 6, 2024 7:11am
Quoting heispark
{quote} For example, I subscribed to $150K funded account of Topstep challenge last month (and failed the challenge). The term '$150K funded account' is somewhat misleading. It doesn't mean they put $150K into your account. Instead, it means they provide $150K worth of buying power to use for margin. However, because their initial max loss limit is only $4K and max daily loss limit is $3K, you cannot use full leverage unless your DD is very small and your win rate is very high. That's a catch. Even after you pass the test, they only risk initial...
yes.

You may have paid 600 $ for buying 150 k account.

And daily loss limit is just 3k, which means effectively 3k is your account balance.

The catch here is they will tell you to make some 8 % profit in phase 1 and 5 % profit in phase 2 using 150 k leverage.

So you take higher size lots and end up loosing your account.

The one and only good this is once you pass both phases, the effective daily draw down limit is 3 k. And if you rtrade that account as 3k account, it is ok.

In a funded stage prop account is better.

Remember... funded account has different terms ans conditions. Real money account has lots of benifits. No rules for trading, you can withdraw profits or balance anytime.
Intraday only.
  • #125
  • Jan 7, 2024 7:50pm Jan 7, 2024 7:50pm
Done for 8 th Jan.

Now, will see if I can make more when London opens.
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Intraday only.
  • #126
  • Jan 7, 2024 8:34pm Jan 7, 2024 8:34pm
Quoting navk
Done for 8 th Jan. Now, will see if I can make more when London opens. {image}
great
  • #127
  • Jan 7, 2024 8:36pm Jan 7, 2024 8:36pm
My plan on this 480 $ real money account is until 5th june.

Targeted account growth is 39k.

Let us see how itgoes.

If I loose, I loose 481 $ which is initial capital.


As I said before, whatever extra money profited ( over and above targeted capital ) will be removed and deposited in a new account
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Intraday only.
  • #128
  • Jan 7, 2024 9:22pm Jan 7, 2024 9:22pm
Quoting navk
My plan on this 480 $ real money account is until 5th june. Targeted account growth is 39k. Let us see how itgoes. If I loose, I loose 481 $ which is initial capital. As I said before, whatever extra money profited ( over and above targeted capital ) will be removed and deposited in a new account {image}
very helpful method
  • #129
  • Jan 8, 2024 4:43am Jan 8, 2024 4:43am
Trading is already a game with negative expectation for the trader because of fees, swaps, slippage, fat finger, greed, fear and so on.
Why people want to buy MORE restrictions? Easy: in psychology it called magical thinking. I'll pay 400$ and they will give me 150000$. Yeah. Of course. Haha.
Observer effect
  • #130
  • Jan 8, 2024 7:16am Jan 8, 2024 7:16am
Quoting navk
My plan on this 480 $ real money account is until 5th june. Targeted account growth is 39k. Let us see how itgoes. If I loose, I loose 481 $ which is initial capital. As I said before, whatever extra money profited ( over and above targeted capital ) will be removed and deposited in a new account {image}
I hope you continue updating on here, I'd like to see where this goes.
  • #131
  • Edited 10:06am Jan 8, 2024 9:39am | Edited 10:06am
Update as of now.

Still NY close is 6.5 hrs to go
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Intraday only.
  • #132
  • Edited 5:32pm Jan 8, 2024 10:20am | Edited 5:32pm
OK,

I am done for today.

18 % enough.

Compulsarily will close mt4

Dont want to chase the price
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Intraday only.
  • #133
  • Jan 8, 2024 4:09pm Jan 8, 2024 4:09pm
See how easy it is.
You're actually trading high risk with funded and dont realize.
I started with $50 beginning of December, Only traded about 5-7 trading days since I been busy with other stuff.
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"Anger clouds the mind. Turned inward, it is an unconquerable enemy."
  • #134
  • Jan 8, 2024 4:37pm Jan 8, 2024 4:37pm
See. 1 month 1 week.... what % is that?
I dont know, dont care. Just trade
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"Anger clouds the mind. Turned inward, it is an unconquerable enemy."
  • #135
  • Jan 8, 2024 9:14pm Jan 8, 2024 9:14pm
I have opened real money trading account with Gomarkets/Australia.

Funding to be done.
Intraday only.
  • #136
  • Jan 8, 2024 9:52pm Jan 8, 2024 9:52pm
Today target profit is done in asia.

Now...whatever I do today, balance of the day is bonus.
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Intraday only.
  • #137
  • Jan 9, 2024 5:17am Jan 9, 2024 5:17am
Quoting navk
My plan on this 480 $ real money account is until 5th june. Targeted account growth is 39k. Let us see how itgoes. If I loose, I loose 481 $ which is initial capital. As I said before, whatever extra money profited ( over and above targeted capital ) will be removed and deposited in a new account {image}
Lemme see that Excel sheet please. I wanna try too.
Don't compare your trades to others. Most often the masses are the asses
  • #138
  • Jan 9, 2024 5:24am Jan 9, 2024 5:24am
Quoting mastersplint
See how easy it is. You're actually trading high risk with funded and dont realize. I started with $50 beginning of December, Only traded about 5-7 trading days since I been busy with other stuff. {image} {image}
Everyone wants to be the Hare, when in fact it was the Tortoise who won the race. -01 lots saved my trading. Once you conquer greed, the market is a lot easier. I took 4 100$ accounts to 450 swing trading UJ with .01 lots. I find it funny that people put money into Forex accounts looking to make 1000X returns, and yet will leave their money in a bank making 4 percent in a 12 month period. Once you relax. You can actually learn. Currently running an account I am trading in Bitcoin instead of dollars. My thought process is that going slow and steady and trading in something I can't calculate value for on the fly... I will make some nice slow gains. Who knows. One day I could very well own a whole Bitcoin. All for 100$ worth of bitcoin as an investment.
Don't compare your trades to others. Most often the masses are the asses
  • #139
  • Jan 9, 2024 8:14am Jan 9, 2024 8:14am
NY just opened.

And until now.
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Intraday only.
  • #140
  • Jan 9, 2024 8:28am Jan 9, 2024 8:28am
Quoting navk
NY just opened. And until now. {image}
ohh,i found you here
#Stay blue. /swinger/scalper/
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